KUCHING: Malaysian palm oil has become a significant game-changer for the member countries of the Organisation of Islamic Cooperation (OIC) that are net importers of oils and fats, according to Deputy Prime Minister Datuk Seri Fadillah Yusof.
He stated that in 2020 alone, the global consumption of palm oil reached a staggering 75.45 million metric tonnes, highlighting its importance. Accounting for 57 per cent of their import volume, palm oil plays a vital role in enhancing the food security of several OIC members, many of whom rank highly on the Global Food Security Index.
“Palm oil from our shores adds considerable value to these nations, thanks to its affordability and nutritional benefits,” Fadillah emphasised. He further highlighted the numerous virtues of palm oil, including its cost-efficiency, high yield, and absence of trans-fatty acids, making it a preferred choice worldwide.
“For low-income OIC nations struggling with nutrient deficiencies, Malaysian palm oil’s rich composition, abundant in carotenoids and Vitamin E, offers a beacon of hope,” he said.
Fadillah made these remarks during his special address on the second day of the Global Muslim Business Forum (2023) held at the Borneo Convention Centre Kuching (BCCK) on Wednesday, November 29.
He also mentioned the commitment of the Malaysian Palm Oil Board (MPOB) to research and development aimed at improving production, quality, and sustainability. These efforts align with the United Nations Sustainable Development Goals (UNSDGs) and the principles of Environmental, Social, and Governance (ESG), which guide businesses towards ethical, sustainable, and responsible practices.
Fadillah highlighted the Malaysian Sustainable Palm Oil (MSPO) certification scheme as a commitment to sustainable practices, as the country aims to conserve at least 50 per cent of its landmass under forest and tree cover.
“We are not only contributing to the environment but also reinforcing the stability pillar of food security,” he emphasized.
He further mentioned that the oil palm crop, with its lifespan of 25-30 years, ensures consistent monthly production, which has been crucial as global vegetable oil consumption has doubled in the past two decades.
“In this era where efficiency is crucial, palm oil stands as the most land-use efficient option,” he concluded.
During the same event, Fadillah presented the Global Muslim Leader Of The Year Award to Ta Ann Holdings Berhad’s executive chairman, Datuk Amar Abdul Hamed Sepawi, and the Global Green Energy Business Excellence Award to Sarawak Energy Berhad. Both recipients were among the 25 award winners across various categories.
